I'm using MRI indicator provided by Tone Vays. And Heikin Ashi chart of BLX on 1M. Since MRI indicator works very well on this chart. As you can see, MRI picked every top and bottom beautifully in every cycle. The second cycle did not show the 2nd MRI top because of some data mistake, if you open MtGox trading data, you will see the 2nd MRI top happened in Nov 2013.
Notice each cycle we added one more MRI top. And this time it may take 4 MRI tops to finish, which is 36 months, and we are going to finish the first MRI top now.
The price jump percentage could be tricky. I'm being conservative here, even if we only got half the percent of the last cycle, and one-sixth percent of the cycle before the last, we still have 320K as the top. And if Bitcoin really wants to moon, sky is the limit. 750K or even more than 1 million won't surprise me in this chart.
And according to previous cycles, the bear market bottom always higher than the second-last MRI top. For example, in 2019, we bottomed around 3000, the second-last MRI top in 2017 is 1320. In 2015, we bottomed at 228, the second-last MRI top in 2013 is 34 dollars. So I don't expect we will ever visit 20000 in 2023/2024 bear market. Maybe not even visit 100K in the next bear market based on how high we can go after 3 MRI tops inside this cycle.
Notice each cycle we added one more MRI top. And this time it may take 4 MRI tops to finish, which is 36 months, and we are going to finish the first MRI top now.
The price jump percentage could be tricky. I'm being conservative here, even if we only got half the percent of the last cycle, and one-sixth percent of the cycle before the last, we still have 320K as the top. And if Bitcoin really wants to moon, sky is the limit. 750K or even more than 1 million won't surprise me in this chart.
And according to previous cycles, the bear market bottom always higher than the second-last MRI top. For example, in 2019, we bottomed around 3000, the second-last MRI top in 2017 is 1320. In 2015, we bottomed at 228, the second-last MRI top in 2013 is 34 dollars. So I don't expect we will ever visit 20000 in 2023/2024 bear market. Maybe not even visit 100K in the next bear market based on how high we can go after 3 MRI tops inside this cycle.